CII AP lauds Navodayam scheme

Hyderabad: Industry body CII Andhra Pradesh on Friday welcomed Andhra Pradesh Government's move to support MSMEs by one-time restructuring of stressed loans by banks and Non-Banking Finance Corporations (NBFCs) as per the Reserve Bank of India (RBI) norms up to March 31, 2020.

Vijay Naidu Galla, Chairman, CII Andhra Pradesh, appreciated Andhra Pradesh government for launching 'Dr YSR Navodayam' scheme keeping in view of liquidity crunch faced by MSMEs and the difficulty in raising working capital in present times.

The majority of MSMEs in the State are in food processing, minerals, building materials, pharmaceuticals and fabricated material business. Micro, Small and Medium Enterprises (MSMEs) would greatly benefit from YSR Navodayam scheme, he added in the statement.

Galla felt that the government's move to support MSMEs will certainly accelerate Industrial growth and would act as stimulus for the economy.